XPRIZE Carbon Removal Competition 2021 ($USD 100 Million) | Apply Now
XPRIZE Carbon Removal Competition 2021 ($USD 100 Million)
Application Deadline: Varying
XPRIZE
Carbon Removal is aimed at tackling the biggest threat facing humanity –
fighting climate change and rebalancing Earth’s carbon cycle. Funded
by Elon Musk and the Musk Foundation, this $100M competition is the
largest incentive prize in history, an extraordinary milestone.
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The
climate math is becoming clear that we will need gigaton-scale carbon
removal in the coming decades to avoid the worst effects of climate
change. The International Panel on Climate Change (IPCC) estimates the
need at approximately 10 gigatonnes of net CO2 removal per year by the
year 2050 in order to keep global temperature rise under 1.5 or 2C. As
governments, companies, investors, and entrepreneurs make plans to meet
this challenge, it is clear that we will need a range of carbon removal
solutions to be proven through demonstration and deployment to
complement work that is already underway. If humanity continues on a
business-as-usual path, the global average temperature could increase
6˚(C) by the year 2100.
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This
four-year global competition invites innovators and teams from anywhere
on the planet to create and demonstrate solutions that can pull carbon
dioxide directly from the atmosphere or oceans, and sequester it durably
and sustainably. To win the grand prize, teams must demonstrate a
working solution at a scale of at least 1000 tonnes removed per year;
model their costs at a scale of 1 million tonnes per year; and show a
pathway to achieving a scale of gigatonnes per year in future.
How to Win
To
win the prize teams must demonstrate CO2 removal at the 1000 tonne per
year scale, model costs at the million ton per year (megatonne) scale,
and present a plan to sustainably reach gigatonne per year scale in
future. In the first phase of the competition, teams must demonstrate
the key component of their carbon removal solution, at a minimum.
Teams can submit entries across natural, engineered and hybrid solutions.
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Prize:
The $100M prize purse will be distributed as follows:
- After
1 year of competition the judges will review all submissions received
by that time and award up to 15 Milestone Prizes of $1 million each. At
the discretion of the judges, these awards may be granted on a
conditional basis, subject to the team’s demonstrated commitment to
continuing to develop and advance their solutions and to compete for the
Grand Prize.
After 4 years, judges will select the winners:
- $50 million paid to the single Grand Prize Winner
- $30 million to be distributed among up to 3 runners up
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How to Register
Team
registration opens with the announcement of the full competition
guidelines on Earth Day, April 22nd 2021. The competition will last for 4
years through Earth Day 2025.
XPRIZE teams come from all around
the world. Teams can be composed of university groups, high school
students, startups and innovators, small to midsize companies,
community-based organizations, families or individuals. Registering to
create or join a team is one of the first steps you can take to help
create a better future for all.
For More Information:
CLICK HERE TO—–>>>Visit the Official Webpage of the XPRIZE Carbon Removal Competition 2021
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